Recipient email addresses will not be used in mailing lists or redistributed.
Use semicolon to separate each address, limit to 20 addresses.
characters you see
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
Don't want to see this again?
Accept our to continue to Moodys.com:
AND SCROLL DOWN!
By clicking “I AGREE” [at the end of this document],
you indicate that you understand and intend these terms and conditions to be
the legal equivalent of a signed, written contract and equally binding, and
that you accept such terms and conditions as a condition of viewing any and all
Moody’s information that becomes accessible to you [after clicking “I AGREE”] (the
“Information”). References herein to “Moody’s” include Moody’s
Corporation, Inc. and each of its subsidiaries and affiliates.
Terms of One-Time Website Use
you have entered into an express written contract with Moody’s to the contrary,
you agree that you have no right to use the Information in a commercial or
public setting and no right to copy it, save it, print it, sell it, or publish
or distribute any portion of it in any form.
acknowledge and agree that Moody’s credit ratings: (i) are current opinions of
the future relative creditworthiness of securities and address no other risk; and
(ii) are not statements of current
or historical fact or recommendations to purchase, hold or sell particular
securities. Moody’s credit ratings and
publications are not intended for retail investors, and it would be reckless
and inappropriate for retail investors to use Moody’s credit ratings and
publications when making an investment decision. No
warranty, express or implied, as the accuracy, timeliness, completeness,
merchantability or fitness for any particular purpose of any Moody’s credit
rating is given or made by Moody’s in any form whatsoever.
3. To the extent permitted by law, Moody’s and its directors,
officers, employees, representatives, licensors and suppliers disclaim
liability for: (i) any indirect, special, consequential, or incidental losses
or damages whatsoever arising from or in connection with use of the
Information; and (ii) any direct or compensatory damages caused to any person
or entity, including but not limited to by any negligence (but excluding fraud
or any other type of liability that by law cannot be excluded) on the part of
Moody’s or any of its directors, officers, employees, agents, representatives,
licensors or suppliers, arising from or in connection with use of the
4. You agree to read [and
be bound by] the more detailed disclosures regarding Moody’s ratings and the
limitations of Moody’s liability included in the Information.
5. You agree that any disputes relating to this agreement or your use of
the Information, whether sounding in contract, tort, statute or otherwise,
shall be governed by the laws of the State of New York and shall be subject to
the exclusive jurisdiction of the courts of the State of New York located in
the City and County of New York, Borough of Manhattan.
20 Jul 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED JULY 18, 2005
New York, July 20, 2005 -- MOODY'S AFFIRMS PRIME-1 RATINGS OF ABCP PROGRAMMES SPONSORED BY
In Frankfurt, Moody's has affirmed the Prime-1 rating
of 14 ABCP programmes sponsored by German public-sector banks (Landesbanken).
The rating affirmations were prompted by the indication of the non-guaranteed
ratings for the public-sector banks in April 2005 by Moody's Financial
Institutions Group. These affirmations recognize certain restructurings
undertaken for some of the ABCP programmes to cater for the new,
For further details and a complete list of the programme names,
please see Moody's press release dated July 18, 2005.
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT
PRIME-1 DURING THE PERIOD JULY 12, 2005 THROUGH JULY 18,
BNP PARIBAS' ELIOPÉE ADDS TWO TRADE RECEIVABLE TRANSACTIONS AND
AMENDS EXISTING TRANSACTION
Eliopee Limited ("Eliopee"), a partially supported,
multiseller ABCP conduit sponsored by BNP Paribas (Aa2/Prime-1/B+),
has added two trade receivable transactions totaling Euro 150 million
to its portfolio. In addition to the asset additions, it
has reduced its interest in an existing transaction to Euro 48 million
from Euro 183 million.
The first transaction is a Euro 120 million FCC units (also known as French
asset-backed securities) backed by trade receivables originated
by U.K. and French subsidiaries of a non-investment-grade-rated
company involved in the packaging business. Transaction-specific
credit enhancement is based on a dynamic formula that is calculated based
on changes in both defaults and dilution, with a minimum level of
30%. The transaction includes special obligor concentration
limits linked to the ratings of the obligors and the individual receivables
aging balance. A specific dedicated collection account under French
securitization law and a trust account under U.K. law have
been established to limit commingling risk. In addition,
the transaction has several termination events, including pool performance
triggers and financial covenants of the originator. These would
result in an early amortization of the facility and a replacement of the
servicer by the back-up servicer which was designated at the transaction's
initial closing. This transaction is partially supported through
a liquidity facility provided by BNP Paribas that funds for non-defaulted
and non-diluted assets and, in certain circumstances,
for cash collected but not remitted to Eliopee.
The second transaction is a Euro 30 million FCC units backed by trade
receivables originated by an unrated French medium-size company
in the food industry. As the portfolio is highly concentrated on
food retailers, transaction-specific credit enhancement is
a combination of a credit insurance-liked liquidity facility,
provided by BNP Paribas, to cover the default risk on the large
obligors and a dynamic formula, which covers the four largest residual
exposures plus dilutions. Identified set-off risk is covered
separately. The transaction includes specific dedicated collection
accounts under French Securitisation law that protect investors from commingling
risk, as well as termination events linked to pool performance and
the originator's financial condition. This transaction also
has a back-up servicer, which was designated at the transaction's
closing. The transaction is partially supported through a liquidity
facility provided by BNP Paribas that will fund for non--defaulted
and non-diluted assets.
With the addition of these transactions, Eliopee's program-level
credit enhancement was increased to Euro 83.5 million, which
represents 5.9% of total asset commitments.
In addition to the asset additions, Eliopee has reduced its
interest in an existing transaction to Euro 48 million from Euro 183 million.
The transaction is a trade receivable facility established for a French
company and is fully supported by liquidity.
Eliopee is now authorized to issue up to Euro 1.73 billion
CALYON'S LAFAYETTE ACQUIRES $500 MILLION INTEREST IN EXISTING MORTGAGE
La Fayette Asset Securitization LLC ("La Fayette"),
a partially supported, multiseller ABCP program sponsored by Calyon
(Aa2/Prime-1/C), has acquired a $500 million interest
in an existing $3 billion mortgage warehouse facility. The
facility, established in 2001, provides warehouse financing
to an originator and servicer of sub-prime mortgage loans.
This transaction benefits from 2% transaction-specific credit
enhancement in the form of overcollateralization. In addition,
the transaction has structural protections such as limited recourse to
the originator upon deterioration in performance, an ABCP tenor
limitation of 30 days, and a cease issuance of ABCP upon the occurrence
of various trigger events. This transaction is partially supported
through a liquidity facility that funds for non-defaulted loans.
The liquidity facility is provided by Calyon and Lloyds TSB Bank plc (Aaa/Prime-1/A),
each with a 50% share of the commitment amount.
With this transaction, La Fayette's program-level credit
enhancement was increased by 8% of its purchase commitment.
La Fayette has about $1.8 billion in purchase commitments
and $114 million in program-level credit enhancement.
IKB'S RHINELAND ADDS TWO TRADE RECEIVABLE TRANSACTIONS TOTALING
EURO 49 MILLION
Rhineland Funding Capital Corp. ("Rhineland"),
a partially supported, hybrid ABCP conduit sponsored by IKB Deutsche
Industriebank AG ("IKB", rated Aa3/Prime-1/B-),
has added two trade receivable facilities to its portfolio.
The first transaction is a Euro 25 million trade receivable transaction
established by a German tire dealer. The transaction is fully supported
through a combination of a liquidity facility and a credit insurance policy.
The liquidity facility is provided by IKB and funds for non-defaulted
receivables. The credit insurance, which is sized at Euro
25 million, is provided by Allgemeine Kreditversicherung Coface
AG (Aa3 insurance financial strength rating) and covers defaulted receivables.
All receivables included in the transaction are insured under the credit
The second transaction is a Euro 24 million trade receivable transaction
established by an Austrian steel manufacturer. Rhineland will finance
this transaction through a newly created purchasing vehicle. The
transaction benefits from a commercial credit insurance policy provided
by Euler Hermes Kreditversicherungs AG (A1/Prime-1). The
aggregate outstanding nominal amount of all purchased receivables will
not exceed Euro 24 million; in view of an insurance limit of Euro
23.1 million and a default cash reserve in the amount of Euro 0.9
million. This transaction is partially supported by a liquidity
facility provided by Kommunalkredit Austria AG (Aa3/P-1/B-).
The liquidity facility funds for the nominal amount of the purchased receivables
that are non-defaulted receivables and receivables covered under
the credit insurance. The credit insurance policy covers for the
nominal amount of the defaulted receivables.
With these transactions Rhineland is authorized to issue up to Euro 6.8
billion of ABCP.
ROYAL BANK OF SCOTLAND'S TAGS ADDS GBP 250 MILLION CERTIFICATE
Thames Asset Global Securitization No 1, Inc ("TAGS"),
a partially supported, multiseller conduit sponsored by The Royal
Bank of Scotland plc (Aa1/Prime-1/A-), has added a
GBP 250 million certificate to its portfolio. The certificate is
issued by a U.K. credit card master trust and is backed
by credit card receivables originated by an investment-grade-rated
financial services provider.
The certificate benefits from transaction-specific credit enhancement
comprised of portfolio yield (net of expenses) and a 1.5%
reserve account that is funded from excess spread. The level of
portfolio yield varies depending on the obligor's payment rate and transaction
expense rate, but is protected by a minimum trigger level of 4%.
The 4% level is the yield net of expenses and charge-offs.
This transaction is partially supported by a liquidity facility sized
at 102% of the principal amount of the certificate. The
liquidity facility is provided by Prime-1-rated RBS.
With this transaction, TAGS' program-level credit enhancement
was increased by 5% of the purchase commitment. TAGS is
now authorized to issue up to approximately $15 billion of ABCP.
For a more detailed description of these ABCP programs, see Moody's
website at http://www.moodys.com
Structured Finance Group
Moody's Investors Service
Structured Finance Group
Moody's Investors Service
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.
CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.
All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.
Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com
under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”
Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.
Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.